Originally Posted by linksmechanic
Uh, Bill gates donates almost half his income this is old news. He was simply stating that the system is ass backwards and it is. Examle: I make 5000 a month only 3000 goes in my pocket to taxes. My buddy makes 21000 a month and he keeps 19000. Doesn't really make since does it?
Somebody is lying to you!
If your friend has a net wages of 2 1/2 million dollars he pays a lot more than 24,000 per year in taxes. If he does not, then call the IRS and you can get a hefty finders fee
( don't do this unless this guy is really an enemy )
Even though the AMT is being phased out, it is not as far as I now gone for incomes over 400,000, so I think that the minimum would be about 25%.
Now, if this 2 1/2 million is NOT considered wages by the IRS, then that is another matter.
Certainly some taxes benefit a business owner, but payroll taxes do not! For instance what you see taken out of YOUR paycheck for Social Security is also paid by the business owner, so he pays twice.
Bill Gates was talking about his TAXES, not his charitable giving! If he wants to send a few extra billion, I am sure that the IRS will gladly take it.....but then again I don't think that he or Bill Clinton have any plans on doing that!
If you doubt the WAGES/TAXES, go to Turbo Tax or H&R Block and run the taxes for yourself. There is no charge unless you actually file. Let the program tell you what your friend actually pays!